Mexico Remittances

Mexico: Remittances increase at slower pace

September 1, 2011

In July, remittances from workers aboard totalled USD 1.90 billion, which fell slightly short of market expectations that had remittances adding USD 1.95 billion. The reading represents a 1.4% expansion over the level observed in same month last year but was well below the 6.9% increase tallied in June. Most remittances come from migrant workers in the United States, especially those in the construction sector. Consequently, subdued growth prospects for the U.S. are likely to become a drag in the recovery of remittances, which represent the second most important source of foreign revenue and a significant source of income for many Mexican families.

Author:Ricardo Aceves, Senior Economist

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Sentiment among Mexican consumers deteriorated in January as uncertainty surrounding both NAFTA negotiations and upcoming domestic elections seemingly outweighed the effects of a tighter labor market and softer inflation.